Stadium Deal Announced

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State and Vikings officials have announced a plan for a new stadium at the Metrodome site in Minneapolis, according to the Star Tribune.

The proposed plan would build a new stadium on the footprint of the 30-year-old stadium, expanding into property owned by the Star Tribune for a large plaza and tailgate area, and land already owned by Vikings owner Zygi Wilf for additional parking.

Bloomberg reports that the Vikings organization would pay $427 million under the proposed agreement. The state would chip in $398 million from pull-tabs and the city of Minneapolis would divert the remaining $150 million from existing convention center and hospitality taxes. The Vikings and the city will split the cost of yearly upkeep, paying $13 million and $7.5 million respectively.

Governor Mark Dayton said that the construction of a new stadium would add 8,000 construction jobs and employ about 5,000 suppliers with out taking any additional money from the state.

According to the Star Tribune breakdown the agreement, the stadium complex would be completed in 2016 and cost roughly $975 million. No design has been decided on but the proposed stadium would have 65,000 seats and have a fixed roof, unless the Vikings decided to kick in additional money for a retractable one.

The stadium is still a long way from becoming a reality: the plans still have to be approved by the Minneapolis city council and the state legislature. However, an agreement between public officials and the Vikings organization represents an important step in the year long battle for a new stadium.

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This page contains a single entry by wagne798 published on March 1, 2012 10:01 PM.

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